ABOUT LIC OF INDIA -- LIC AAO also for bank interviews

The story of insurance is probably as old as the story of mankind. The same
instinct that prompts modern businessmen today to secure themselves against
loss and disaster existed in primitive men also. They too sought to avert the
evil consequences of fire and flood and loss of life and were willing to make
some sort of sacrifice in order to achieve security. Though the concept of
insurance is largely a development of the recent past, particularly after the
industrial era – past few centuries – yet its beginnings date back almost 6000
years.

Life Insurance in its modern
form came to India from England in the year 1818. Oriental Life Insurance
Company started by Europeans in Calcutta was the first life insurance company
on Indian Soil. All the insurance companies established during that period were
brought up with the purpose of looking after the needs of European community
and Indian natives were not being insured by these companies. However, later
with the efforts of eminent people like Babu Muttylal Seal, the foreign life
insurance companies started insuring Indian lives. But Indian lives were being
treated as sub-standard lives and heavy extra premiums were being charged on
them. Bombay Mutual Life Assurance Society heralded the birth of first Indian
life insurance company in the year 1870, and covered Indian lives at normal
rates. Starting as Indian enterprise with highly patriotic motives, insurance
companies came into existence to carry the message of insurance and social
security through insurance to various sectors of society. Bharat Insurance
Company (1896) was also one of such companies inspired by nationalism. The
Swadeshi movement of 1905-1907 gave rise to more insurance companies. The
United India in Madras, National Indian and National Insurance in Calcutta and
the Co-operative Assurance at Lahore were established in 1906. In 1907,
Hindustan Co-operative Insurance Company took its birth in one of the rooms of
the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The
Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were
some of the companies established during the same period. Prior to 1912 India
had no legislation to regulate insurance business. In the year 1912, the Life
Insurance Companies Act, and the Provident Fund Act were passed. The Life
Insurance Companies Act, 1912 made it necessary that the premium rate tables
and periodical valuations of companies should be certified by an actuary. But
the Act discriminated between foreign and Indian companies on many accounts,
putting the Indian companies at a disadvantage.

The first two decades of the twentieth century saw lot of growth in insurance
business. From 44 companies with total business-in-force as Rs.22.44 crore, it
rose to 176 companies with total business-in-force as Rs.298 crore in 1938.
During the mushrooming of insurance companies many financially unsound concerns
were also floated which failed miserably. The Insurance Act 1938 was the first
legislation governing not only life insurance but also non-life insurance to
provide strict state control over insurance business. The demand for
nationalization of life insurance industry was made repeatedly in the past but
it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938
was introduced in the Legislative Assembly. However, it was much later on the
19th of January, 1956, that life insurance in India was nationalized. About 154
Indian insurance companies, 16 non-Indian companies and 75 provident were
operating in India at the time of nationalization. Nationalization was
accomplished in two stages; initially the management of the companies was taken
over by means of an Ordinance, and later, the ownership too by means of a
comprehensive bill. The Parliament of India passed the Life Insurance
Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of
India was created on 1st September, 1956, with the objective of spreading life
insurance much more widely and in particular to the rural areas with a view to
reach all insurable persons in the country, providing them adequate financial
cover at a reasonable cost.

LIC had 5 zonal offices, 33
divisional offices and 212 branch offices, apart from its corporate office in
the year 1956. Since life insurance contracts are long term contracts and
during the currency of the policy it requires a variety of services need was
felt in the later years to expand the operations and place a branch office at
each district headquarter. Re-organization of LIC took place and large numbers
of new branch offices were opened. As a result of re-organisation servicing
functions were transferred to the branches, and branches were made accounting
units. It worked wonders with the performance of the corporation. It may be
seen that from about 200.00 crores of New Business in 1957 the corporation
crossed 1000.00 crores only in the year 1969-70, and it took another 10 years
for LIC to cross 2000.00 crore mark of new business. But with re-organisation
happening in the early eighties, by 1985-86 LIC had already crossed 7000.00
crore Sum Assured on new policies.

Today LIC functions with 2048
fully computerized branch offices, 109 divisional offices, 8 zonal offices, 992
satallite offices and the Corporate office. LIC’s Wide Area Network covers 109
divisional offices and connects all the branches through a Metro Area Network.
LIC has tied up with some Banks and Service providers to offer on-line premium
collection facility in selected cities. LIC’s ECS and ATM premium payment
facility is an addition to customer convenience. Apart from on-line Kiosks and
IVRS, Info Centres have been commissioned at Mumbai, Ahmedabad, Bangalore,
Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a
vision of providing easy access to its policyholders, LIC has launched its
SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer
to the customer. The digitalized records of the satellite offices will
facilitate anywhere servicing and many other conveniences in the future.

LIC continues to be the
dominant life insurer even in the liberalized scenario of Indian insurance and
is moving fast on a new growth trajectory surpassing its own past records. LIC
has issued over one crore policies during the current year. It has crossed the
milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a
healthy growth rate of 16.67% over the corresponding period of the previous
year.

From then to now, LIC has
crossed many milestones and has set unprecedented performance records in
various aspects of life insurance business. The same motives which inspired our
forefathers to bring insurance into existence in this country inspire us at LIC
to take this message of protection to light the lamps of security in as many
homes as possible and to help the people in providing security to their
families.

Some of the important milestones in the life
insurance business in India are:

1818: Oriental Life Insurance
Company, the first life insurance company on Indian soil started functioning.

1870: Bombay Mutual Life
Assurance Society, the first Indian life insurance company started its
business.

1912: The Indian Life
Assurance Companies Act enacted as the first statute to regulate the life
insurance business.

1928: The Indian Insurance
Companies Act enacted to enable the government to collect statistical
information about both life and non-life insurance businesses.

1938: Earlier legislation
consolidated and amended to by the Insurance Act with the objective of
protecting the interests of the insuring public.

1956: 245 Indian and foreign
insurers and provident societies are taken over by the central government and
nationalised. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 5 crore from the Government of India.

The General insurance business
in India, on the other hand, can trace its roots to the Triton Insurance
Company Ltd., the first general insurance company established in the year 1850
in Calcutta by the British.

Some of the important milestones in the general insurance business in
India are:

1907: The Indian Mercantile
Insurance Ltd. set up, the first company to transact all classes of general
insurance business.

1957: General Insurance
Council, a wing of the Insurance Association of India, frames a code of conduct
for ensuring fair conduct and sound business practices.

1968: The Insurance Act
amended to regulate investments and set minimum solvency margins and the Tariff
Advisory Committee set up.

1972: The General Insurance
Business (Nationalisation) Act, 1972 nationalised the
general insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and
grouped into four companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd. and the United India Insurance Company
Ltd. GIC incorporated as a company.

OBJECTIVES

Spread Life Insurance widely
and in particular to the rural areas and to the socially and economically
backward classes with a view to reaching all insurable persons in the
country and providing them adequate financial cover against death at a
reasonable cost.

Bear in mind, in the investment
of funds, the primary obligation to its policyholders, whose money it
holds in trust, without losing sight of the interest of the community as a
whole; the funds to be deployed to the best advantage of the investors as
well as the community as a whole, keeping in view national priorities and
obligations of attractive return.

Conduct business with utmost
economy and with the full realization that the moneys belong to the
policyholders.

Act as trustees of the insured
public in their individual and collective capacities.

Meet the various life insurance
needs of the community that would arise in the changing social and
economic environment.

Involve all people working in
the Corporation to the best of their capability in furthering the
interests of the insured public by providing efficient service with
courtesy.

Promote amongst all agents and
employees of the Corporation a sense of participation, pride and job
satisfaction through discharge of their duties with dedication towards
achievement of Corporate Objective.

Mission"Explore and enhance the quality of life of people through
financial security by providing products and services of aspired attributes
with competitive returns, and by rendering resources for economic
development."

Vision"A trans-nationally competitive financial conglomerate of
significance to societies and Pride of India."

Life insurance in
India made its debut well over 100 years ago.

In our country, which is one of the most
populated in the world, the prominence of insurance is not as widely understood,
as it ought to be. What follows is an attempt to acquaint readers with some of
the concepts of life insurance, with special reference to LIC.

It should, however, be clearly understood that
the following content is by no means an exhaustive description of the terms and
conditions of an LIC policy or its benefits or privileges.

For more details, please contact our branch or
divisional office. Any LIC Agent will be glad to help you choose the life
insurance plan to meet your needs and render policy servicing.

What Is Life Insurance?

Life insurance is a contract that pledges
payment of an amount to the person assured (or his nominee) on the happening of
the event insured against.

The contract is valid for payment of the insured
amount during:

The date of maturity, or

Specified dates at periodic
intervals, or

Unfortunate death, if it occurs
earlier.

Among
other things, the contract also provides for the payment of premium
periodically to the Corporation by the policyholder. Life insurance is
universally acknowledged to be an institution, which eliminates 'risk',
substituting certainty for uncertainty and comes to the timely aid of the
family in the unfortunate event of death of the breadwinner.
By and large, life insurance is civilisation's partial solution to the problems
caused by death. Life insurance, in short, is concerned with two hazards that
stand across the life-path of every person:

That of dying prematurely
leaving a dependent family to fend for itself.

That of living till old age
without visible means of support.

Contract Of
Insurance:A contract of insurance is a contract of utmost
good faith technically known as uberrima fides. The doctrine of disclosing all
material facts is embodied in this important principle, which applies to all
forms of insurance.

At the time of taking a policy, policyholder
should ensure that all questions in the proposal form are correctly answered.
Any misrepresentation, non-disclosure or fraud in any document leading to the
acceptance of the risk would render the insurance contract null and void.

Protection:
Savings through life insurance guarantee full protection against risk of death
of the saver. Also, in case of demise, life insurance assures payment of the
entire amount assured (with bonuses wherever applicable) whereas in other
savings schemes, only the amount saved (with interest) is payable.

Aid To Thrift:
Life insurance encourages 'thrift'. It allows long-term savings since payments
can be made effortlessly because of the 'easy instalment' facility built into
the scheme. (Premium payment for insurance is either monthly, quarterly, half
yearly or yearly).
For example: The Salary Saving Scheme popularly known as SSS, provides a
convenient method of paying premium each month by deduction from one's salary.
In this case the employer directly pays the deducted premium to LIC. The Salary
Saving Scheme is ideal for any institution or establishment subject to
specified terms and conditions.

Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any
policy that has acquired loan value. Besides, a life insurance policy is also
generally accepted as security, even for a commercial loan.

Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth
tax. This is available for amounts paid by way of premium for life insurance
subject to income tax rates in force.
Assessees can also avail of provisions in the law for tax relief. In such cases
the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It:
A policy that has a suitable insurance plan or a combination of different plans
can be effectively used to meet certain monetary needs that may arise from
time-to-time.
Children's education, start-in-life or marriage provision or even periodical
needs for cash over a stretch of time can be less stressful with the help of
these policies.
Alternatively, policy money can be made available at the time of one's
retirement from service and used for any specific purpose, such as, purchase of
a house or for other investments. Also, loans are granted to policyholders for
house building or for purchase of flats (subject to certain conditions).

Who Can Buy A Policy?

Any person who has attained majority and is eligible to enter into a valid
contract can insure himself/herself and those in whom he/she has insurable
interest.

Policies can also be taken, subject to certain conditions, on the life of one's
spouse or children. While underwriting proposals, certain factors such as the
policyholder’s state of health, the proponent's income and other relevant
factors are considered by the Corporation.

Insurance For Women

Prior to nationalisation (1956), many private insurance companies would offer
insurance to female lives with some extra premium or on restrictive conditions.
However, after nationalisation of life insurance, the terms under which life insurance
is granted to female lives have been reviewed from time-to-time.

At present, women who work and earn an income are treated at par with men. In
other cases, a restrictive clause is imposed, only if the age of the female is
up to 30 years and if she does not have an income attracting Income Tax.

Medical And Non-Medical Schemes

Life insurance is normally offered after a medical examination of the life to
be assured. However, to facilitate greater spread of insurance and also to
avoid inconvenience, LIC has been extending insurance cover without any medical
examination, subject to certain conditions.

With Profit And Without Profit Plans

An insurance policy can be 'with' or 'without'
profit. In the former, bonuses disclosed, if any, after periodical valuations
are allotted to the policy and are payable along with the contracted amount.

In 'without' profit plan the contracted amount
is paid without any addition. The premium rate charged for a 'with' profit
policy is therefore higher than for a 'without' profit policy.

Keyman Insurance

Keyman insurance is taken by a business firm on
the life of key employee(s) to protect the firm against financial losses, which
may occur due to the premature demise of the Keyman.

HELP US TO SERVE
YOUR BETTER

Admission
Of Age:

Age is the main basis of calculation of premium under life insurance policies.
The following are accepted as evidence of age:

Certified extract from
Municipal or Local Body’s records made at the time of birth.

Certificate of Baptism or
Certified Extract from Family Bible, if it contains age or date of birth.

Certified Extract from School
or College records, if age or date of birth is stated therein.

Certified Extract from Service
Register in the case of Govt. employees and employees of Quasi-Govt.
Institutions or

Passport issued by the Passport
Authorities in India.

Payment
Of Premium:

By cash, local cheque (subject
to realization of cheque), Demand Draft at Branch Office.

The DD and cheques or Money
Order may be sent by post.

You can pay your premiums at
any of our Branches as 99% of our Branches are networked.

Many Banks do accept standing
instructions to remit the premiums. So by providing a standing instruction
to your Bank to debit your account for the premium amount and send it vide
a banker’s cheque to LIC, on the due dates and months mentioned on your
policy bond.

Through Internet : Payment of
premiums can be made through Internet through Service Providers viz.HDFC
Bank, ICICI Bank, Times of Money, Bill Junction, UTI Bank, Bank of Punjab,
Citibank, Corporation Bank, Federal Bank and BillDesk.

Premium payment can also be
made through ATMs of Corporation Bank and UTI Bank.

Premium payment can also be
made through Electronic Clearing Service (ECS) which has been launched at
Mumbai, Hyderabad, Chennai, Kolkata, New Delhi, Kanpur, Bangalore,
Vijaywada, Patna, Jaipur, Chandigarh, Trivandrum, Ahmedabad, Pune, Goa and
Nagpur, Secunderabad & Visakhapatnam. A policyholder having an account
in any Bank which is a Member of the local Clearing House can opt for ECS
debit to pay premiums. The policyholders wishing to use this system would
have to fill up a Mandate Form available at our Branches/DO and get it
certified by the Bank. The certified Mandate Forms are to be submitted to
our BO/DO.

Policyholder should pay the
premiums on due dates. However, a grace period of one month but not less
than 30 days will be allowed for payment of yearly/half-yearly/quarterly
premiums and 15 days for monthly premiums.

When the days of grace expire
on a Sunday or a public holiday, the premium may be paid on the following
working day to keep the policy in force.

If the premium is not paid
before the expiry of the days of grace, the policy lapses.

Revival
Of Lapsed Policy:

If the policy has lapsed, it
can be revived during the life time of the life assured, within a period
of five years from the date of the first unpaid premium but before the
date of maturity subject to certain conditions.

The Corporation offers three
convenient schemes of revival viz., Ordinary Revival, Special Revival and
Installment Revival. Policies can also be revived under Loan-cum-Revival
and SB-cum-Revival schemes.

Request for revival may be made
to the Branch Office servicing the policy.

Change
Of Address And Transfer Of Policy Records:

The policyholder should
immediately intimate the change of his/her address to the Branch Office
servicing the policy. The correct address facilitates better service and
quicker settlement of claims.

Policy records can also be
transferred from one Branch Office to another for servicing, as requested
by the policyholder.

Loss
Of Policy Document:

The Policy Document is an
evidence of the contract between the Insurer and the Insured. Hence the
policyholder should preserve the Policy Bond till the contracted amount
under it is settled.

Loss of the Policy Document
should be immediately intimated to the Branch Office where it is serviced.

Loans:

Loans are granted on policies
to the extent of 90% of Surrender Value of the policies which are in force
and 85% of the Surrender Value in case of policies which are paid-up,
inclusive of the cash value of bonus. The rate of interest charged at
present is 9% p.a. payable half-yearly.

Loans are not granted for a
period shorter than six months. The Conditions and Privileges printed on
the back of the Policy Bond states whether a particular policy is with or
without the loan facility.

Relief
To Policyholders:

The Corporation generally
allows concessions on payment of premiums, settlement of claims, issue of
duplicate policies, etc when the policyholder are affected by natural
calamities such as droughts, cyclones, floods, earthquakes, etc.

Nomination:

Nomination is a right conferred
on the holder of a Policy of Life Assurance on his own life to appoint a
person/s to receive policy moneys in the event of the policy becoming a
claim by the assured’s death. The Nominee does not get any other benefit
except to receive the policy moneys on the death of the Life Assured. A
nomination may be changed or cancelled by the life assured whenever he
likes without the consent of the Nominee.
Ensure nomination exists in the policy for easy settlement of claims.

Assignment:

Assignment means transfer of
rights, title and interest. When an assignment is executed, all rights,
title and interest in respect of the property assigned are immediately
transferred to the Assignee/s and the Assignee/s become the owner/s of the
policy subject to any lawful condition made in the assignment.

Assignment can be either
conditional or absolute. On assignment (other than to LIC), Nomination
automatically stands cancelled. Hence, when such a policy is reassigned,
the policyholder will have to make a fresh nomination to avoid delay in
settlement of claim.

Survival
Benefit/Maturity Claims:

LIC settles survival
benefit/maturity claims on or before the due date.

Policyholder are intimated well
in advance by the Branch Office which services the policy regarding the
payment, and the necessary Discharge Voucher is also sent for execution by
the assured. In case the policyholder does not get any intimation from the
Branch Office concerned, he/she should contact them, quoting the Policy
Number.

Survival Benefit payment up to
Rs.60,000/- are settled without insisting for Policy Bond and Discharge
Voucher.

Death
Claims:

If the life assured dies during
the term of the policy, death claim arises. The death of the policyholder
should be immediately intimated in writing to the Branch Office where the
policy is serviced along with the following particulars:

The No./s of the policy/ies

The name of the policyholder

Death Certificate issued by
concerned Authority

The date of death

The cause of death and

Claimant’s relationship with
the deceased

On receipt of the intimation of
death, necessary claim forms are sent by the Branch Office for completion
along with instructions regarding the procedure to be followed by the
claimant.

The claims which have arisen
after a period of three years are treated as non-early claims and settled
within 30 days from the date of receipt of all requirements.

The claims that have arisen
within a period of two years from the date of commencement of the policy,
are treated as early claims and investigation is compulsory in such cases.

The claim is usually payable to
the nominee/assignee or the legal heirs, as the case may be. However, if
the deceased policyholder has not nominated/assigned the policy or if
he/she has not made a suitable provision regarding the policy moneys by
way of a Will, the claim is payable to the holder of a Succession
Certificate or some such evidence of title from a Court of Law.

The Corporation grants claims
concessions under certain Plans whereby payment of full sum assured is
made, subject to the deduction of unpaid premiums with interest till the
date of death and unpaid premiums falling due before the next anniversary
of the policy, in the event of the death of the life assured within a
period of six months or one year from the date of the first unpaid
premium, provided premiums have been paid for at least three years and
five years respectively.

Claim Review
Committee:The Corporation settles a large number of Death
Claims every year. Only in case of fraudulent suppression of material
information is the liability repudiated. This is to ensure that claims are not
paid to fraudulent persons at the cost of honest policyholders. The number of
Death Claims repudiated is, however, very small. Even in these cases, an
opportunity is given to the claimant to make a representation for consideration
by the Review Committees of the Zonal office and the Central Office. As a
result of such review, depending on the merits of each case, appropriate
decisions are taken. The Claims Review Committees of the Central and Zonal
Offices have among their Members, a retired High Court/District Court Judge.
This has helped providing transparency and confidence in our operations and has
resulted in greater satisfaction among claimants, policyholders and public.

Insurance Ombudsman:

The Grievance Redressal Machinery has
been further expanded with the appointment of Insurance Ombudsman at
different centers by the Government of India. At present there are 12
centres operating all over the country.

Following type of complaints
fall within the purview of the Ombdusman
a) any partial or total repudiation of claims by an insurer;
b) any dispute in regard to premiums paid if payable in terms of the
policy;
c) any dispute on the legal construction of the policies in so far as such
disputes relate to claims;
d) delay in settlement of claims;
e)non-issue of any insurance document to customers after receipt of
premium.

Policyholder can approach the
Insurance Ombudsman for the redressal of their complaints free of cost.

Initiatives
In Policy Servicing Areas:

All 2048 Branches of LIC are
fully computerized covering all policy servicing aspects to give prompt
computerized services from new policy introduction, acceptance of renewal
premium, revivals, loans, etc to final claims settlement.

Green Channel facility has been
introduced for the speedy completion of proposals.

Payment of premiums can be made
through internet through service providers, viz., HDFC Bank, ICICI Bank,
Times of money, Bill Junction, UTI Bank, Bank of Punjab,Citi Bank,
Corporation Bank, Federal Bank and Billdesk.

Grievance
Redressal Machinery:

A machinery for redressal of
policyholders? grievances exist in all the offices of the Corporation.
These are headed by designated Officers who are available at their
respective Offices every Monday between 2.30 pm and 4.30 pm. except
holidays. Policyholder can approach these officers to get their grievances
redressed.

LIC has been one of the pioneering
organizations in India who introduced the leverage of Information Technology in
servicing and in their business. Data pertaining to almost 10 crore policies is
being held on computers in LIC. We have gone in for relevant and appropriate
technology over the years.

1964 saw the introduction of computers in LIC. Unit Record
Machines introduced in late 1950’s were phased out in 1980’s and replaced by
Microprocessors based computers in Branch and Divisional Offices for Back Office
Computerization. Standardization of Hardware and Software commenced in 1990’s.
Standard Computer Packages were developed and implemented for Ordinary and
Salary Savings Scheme (SSS) Policies.

FRONT END OPERATIONSWith a view to enhancing customer responsiveness and services
, in July 1995, LIC started a drive of On Line Service to Policyholders and
Agents through Computer. This on line service enabled policyholders to receive
immediate policy status report , prompt acceptance of their premium and get Revival
Quotation, Loan Quotation on demand. Incorporating change of address can be
done on line. Quicker completion of proposals and dispatch of policy documents
have become a reality. All our 2048 branches across the country have been
covered under front-end operations. Thus all our 100 divisional offices have
achieved the distinction of 100% branch computerisation. New payment related
Modules pertaining to both ordinary & SSS policies have been added to the
Front End Package catering to Loan, Claims and Development Officers’ Appraisal.
All these modules help to reduce time-lag and ensure accuracy.

METRO AREA NETWORKA Metropolitan Area Network, connecting 74 branches in Mumbai
was commissioned in November, 1997, enabling policyholders in Mumbai to pay their
Premium or get their Status Report, Surrender Value Quotation, Loan Quotation
etc. from ANY Branch in the city. The System has been working successfully.
More than 10,000 transactions are carried out over this Network on any given
working day. Such Networks have been implemented in other cities also.

WIDE AREA NETWORKAll 7 Zonal Offices and all the MAN centres are connected
through a Wide Area Network (WAN). This will enable a customer to view his
policy data and pay premium from any branch of any MAN city. As at November
2005, we have 91 centers in India with more than 2035 branches networked under
WAN.

INTERACTIVE VOICE RESPONSE SYSTEMS (IVRS)IVRS has already been made functional in 59 centers all over
the country. This would enable customers to ring up LIC and receive information
(e.g. next premium due, Status, Loan Amount, Maturity payment due, Accumulated
Bonus etc.) about their policies on the telephone. This information could also
be faxed on demand to the customer.

LIC ON THE INTERNETOur Internet site is an information bank. We have displayed
information aboutLIC
& its offices . Efforts are on to upgrade our web
site to make it dynamic and interactive.The addresses/e-mail Ids of ur Zonal
Offices, Zonal Training Centers, Management Development Center, Overseas
Branches, Divisional Offices and also all Branch Offices with a view to speed
up the communication process.

PAYMENT OF PREMIUM AND POLICY STATUS ON INTERNET(You have to register for these services)LIC has given its policyholders a unique facility to pay
premiums through Internet absolutely free and also view their policy details on
Internet premium payments.There are 11 service providers with whom L I C has
signed the agreement to provide this service.

INFORMATION KIOSKSWe have set up 150 Interactive Touch screen based Multimedia
KIOSKS in prime locations in metros and some major cities for dissemination
information to general public on our products and services. These KIOSKS are
enable to provide policy details and accept premium payments.

INFO CENTRESWe have also set up 8 call centres, manned by skilled
employees to provide you with information about our Products, Policy Services,
Branch addresses and other organizational information.

HONOURS

“In the year 1956, 245 Indian and
foreign companies were nationalized and today, the three letters ‘LIC’, stands
as a synonym for insurance, for services, for excellence in strengthening the
economic fibre of this country. I dare to say that no other three letters taken
together are more recognised to the length and breadth of India than LIC.”

“The performance figures of LIC give an indication why LIC is
dear to us, why LIC is a Jewel in our crown and why we will continue to nurture
LIC and grow it into a great organization rendering service to the people of
India.”

“LIC’s footprints are now to be found in many other countries
in the world. Wherever Indians go - and they go everywhere now, wherever
Indians are welcome - and they are welcome in every part of the world, wherever
Indians settle down – they have found many new homes, wherever Indians excel –
and they excel in every walk of life, they want LIC – they want LIC to protect
them, to look after their savings, and provide for protection as well as their
retirement.”